26 May 2017

Changing Face of Online Retail Industry in India


Changing Face of India's Online Retail Industry

India’s online retail industry seems to be generating a lot of momentum in revenue growth, brand value, and consumer base. As the world is getting more digital friendly, the basic needs- from housing to food, clothes and essential devices, books and electronic equipments; almost all are available and accessible easily on the worldwide web. Traditionally, when people would go to stores, shopping malls or outlets, they would find a large supply of variety of products to choose from. The world that is present online comprises similarly offers almost everything that is needed for daily usage, so the large number of population getting attracted to purchasing on a digital world is a boon for building a more accessible, efficient and sustainable future.

Developed countries have had a long experience in online retail, the US in this matter has given a great insight into how well the retailing industry works. Following the basic idea, pattern and structure of online retail giants such as Amazon and e-bay, many enterprises have paved their way into their regional market. One such market is India where there are 27+ major players that are functioning across the country with full potential.

There are plenty of online retailers in the world and they have established and made a strong brand value for themselves over the years; with the help of marketing & advertising, high quality services, diverse and wide spread locations and last but not the least, consumer loyalty. India’s online retail is an emerging market for many involved in the production, distribution and retail. As they see a potential growth in the expanding internet users base, clearly the major entrepreneurs would like to make the most of available resources, different types of consumers and different tastes by offering specifically the right amount and appropriate services that will satisfy everyone.

With just over a decade old existence, Indian online retail market has grown exponentially and continues to do so allowing newer entrants with innovative strategies and plans for acquisition of major market share. For consumers, there are various benefits, convenience, ability to choose and compare are what driving online retail market to a thriving economic force in today’s age. With more advanced features added for enhanced and efficient purchase, online retailers are improving their marketing strategies according to the demand.

The total size and value of online retail market in India is set to reach US $76 billion by 2021, according to Technopak, which estimates that the growth will be hundred fold as the current value. The growing internet users on computers, tablets and smartphones are what resulting in the massive upscale of the online retail market in India as the study estimates that there will be more than 150 million users by 2020. Indian online retailers are emerging as important channels that drive huge sales for variety of brands; Indian metros and cities population, younger generation in particular, is allowing online retail to flourish successfully. From apparel to accessories, electronic devices to furniture and almost everything is accessible and available in different online retail stores. To give one example- Flipkart is India’s largest online retail store that offers lakhs of variety of products to providing employment to thousands.

In the recent times, international giants such as Amazon and e-bay have set up their stores and planned to cater their unique services. There is a huge challenging factor that online retail in India needs to overcome, that is of the convenient and provision stores’ capacity to retain customers. These independent mom-and-pop shops allow customers to build a relationship that online retail doesn’t allow or even capable of, so the biggest hurdle for online retail market to cross would be personalizing of  experiences when a customer shops online, when the shopping is made more interactive and when a customer is given discounts and offers will he plan to return. Indian customers demand perks along with the products they buy, the independent convenient and provision stores have built up a huge relationship over generations that online retailers find difficult to attract. Although, more and more digitization is automatically drawing customers to invest time in online shopping, it is only up to the online retailers to find suitable and strategic ways to satisfy and retain them.

 

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